What's Happening?
As the year draws to a close, consumers are encouraged to maximize their health insurance benefits. Many plans, especially those under the Affordable Care Act, offer rewards for completing wellness check-ups
and cover preventive care visits at 100%. These include screenings for cholesterol, blood pressure, diabetes, and cancer, as well as various immunizations. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) offer tax advantages for medical expenses, though FSAs typically require funds to be used by year-end. Medicare Advantage plans provide additional benefits not covered by original Medicare, such as dental and vision coverage.
Why It's Important?
Understanding and utilizing health insurance benefits can significantly reduce out-of-pocket healthcare costs. Many Americans are unaware of the full scope of their insurance plans, potentially missing out on covered services and financial incentives. By taking advantage of these benefits, individuals can improve their health outcomes and financial well-being. The end of the year is a critical time to review and utilize these benefits before plan resets, which could lead to increased costs in the new year.
What's Next?
Consumers should review their insurance plans to identify any remaining benefits they can use before the year ends. This includes scheduling preventive care visits and utilizing any available rewards programs. For those with FSAs, it's important to use remaining funds or risk losing them. As healthcare costs continue to rise, maximizing insurance benefits remains a key strategy for managing personal health expenses.
